DIGITAL MARKETING AS PREREQUISITE FOR COMPETITIVE ADVANTAGE IN THE BANKING INDUSTRY (A CASE STUDY OF UNITED BANK OF AFRICA)

Abstract

The rapid changes in the cyber world, information resources available through computer networks and the internet, is causing changes in traditional marketing and among consumers. This has necessitated a study into digital marketing as a prerequisite for competitive advantage in the banking industry. With the response rate of 94.2%, the researchers used census sampling and non-probability sampling respectively to randomly select thirty-five (35) staff and eighty (80) customers of the UBA Adum branch to represent the population. Data was collected using questionnaires which were directly administered to the respondents by the researchers. Data gathered was analysed using SPSS and Microsoft Excel. The study revealed that digital marketing has become a fundamental requirement for every business; banks not excluded and as such much needed to be done to improve its success through improvement in technology, financial and human resources. Businesses ought to realize the potential of social media marketing in reaching the larger audience. It is therefore recommended that marketers should dive in and begin experimenting digital marketing platforms. It is also recommended that management of businesses should increase their investment in digital platforms so as to be in a position to take full advantage of the digital marketing potentials.